Corporate Lawyer
Corporate lawyers ensure the legality of business practices and transactions. They must understand governmental laws and regulations to help their clients and employers stay within the legal boundaries of the law. Prospective corporate lawyers must graduate with a bachelor’s degree and a Juris Doctor degree from an ABA-accredited law school. Law students should take additional courses in trade regulations, business transactions and creditors’ rights, plus business law, tax law, insurance law and trusts.
Corporate lawyers need to have exceptional writing and researching skills. Plus, they need to be able to effectively communicate with their clients and/or employers, while being persuasive and confident. While representing their employers or clients in legal matters, corporate lawyers work in courtrooms and argue cases in front of a judge and jury. They are known to work independently for clients, or find employment in large companies and small firms. Corporate lawyers specialize in legal matters including corporation law, business, contracts, copyright law, taxes, and labor relations.
Corporate Lawyer Duties
Corporate lawyers often times take on many of the same duties as other types of lawyers, having several different duties. These duties are either performed on a daily or occasional basis, and include:
- Ensuring the legality of commercial transactions
- Advising corporations on their legal rights and duties
- Have knowledge of laws specific to the business of the corporation they work for
- Have knowledge of many different laws such as contract law, tax law, and zoning laws
- Draft documents
- Negotiate deals
- Attend meetings
Corporate Lawyer Salary
Like with most other types of lawyers, a corporate lawyer’s salary depends heavily on where they are employed. Corporate counselors, on average, earn an estimated $101,000 per year. Those who work as in-house counsel can earn a bit more, plus receive numerous bonuses and benefit packages. Those working in law firms also have the opportunity to move up to partner positions, which earn significantly more than associate positions. Plus, law firms also offer bonuses and benefits to their employees, especially those who perform well.
Corporate Lawyer Job Outlook
In 2004, there were approximately 67,000 corporate lawyers in the United States. That number jumped to 93,000 in 2009. For new graduates, it can be difficult to land a job as a corporate counselor. Many times, corporations look for experienced, seasoned veterans to represent them with their business issues and rights. Still, new graduates find many jobs in law firms, as associates and partners. Other times, they become in-house counsel for corporations and work only for that one client. Others go into teaching professions.
Prospective corporate counselors can expect to enter a world of job growth. With the continuous growth of small businesses, comes the need for more corporate lawyers. According to the BLS in 2008, corporate counselors were expected to see a 10% increase in job growth. Corporate lawyers who are at entry-level should consider aiming themselves towards a particular area of law, such as international law, tax law, and even property law, as the demand for these types of corporate lawyers is also increasing.
